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Simulator · Macroeconomics · ~10 min
The Chair
You are the Chair of the Federal Reserve. Every eight weeks, the FOMC meets. You set rates, guide markets, and answer to Congress — and history. Steer inflation to 2% and unemployment to 4% without breaking anything on the way.
Choose your era
Which crisis will you inherit?
How it works.
You play twelve FOMC meetings across roughly eighteen months. At each meeting you set the federal funds rate, issue forward guidance to the markets, and — from meeting three onward — decide the Fed's balance-sheet posture (QE, neutral, or QT). Between meetings, the economy evolves according to a Taylor-rule / Phillips-curve engine, seasoned with random shocks: oil spikes, banking wobbles, productivity booms, geopolitical tremors. At the end you get a Legacy score from 0 to 100 based on the Fed's dual mandate — 2% inflation, 4% unemployment — and the cleanness of the ride.
FOMC Meeting 1 of 12
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Current Fed Funds Rate
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Target rate
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Choose a policy move
Interest rate decision
Move the federal funds rate up, down, or hold. Larger moves have larger effects — and larger risks.
Forward guidance
A statement about future policy. Shifts market expectations even without moving rates today.
Balance sheet posture
Beyond the funds rate: expand (QE), shrink (QT), or hold the Fed's holdings of Treasuries and MBS.
End of term
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